Corn: 3 to 5 cents lower. Futures are pivoting around Friday's limit-up move, with buying limited by sharp losses in the soybean pit. While corn harvest has crossed the halfway point, traders haven't extended Friday's gains as they suspect demand for U.S. corn will be lackluster given stepped up exports from Brazil. Still, the overall tightness of U.S. supplies should limit downside risk.

Soybeans: 15 to 18 cents lower. Technicals are driving soybean futures lower, as contracts are nearing important support levels, which if violated would open additional near-term downside risk. Traders don't anticipate much in the way of fresh demand news this week since China was in the market for beans last week and is celebrating a national holiday this week. November beans are challenging support at the July 25 low of $15.36.

Wheat: 8 to 10 cents lower. Wheat is seeing spillover from neighboring soybean futures. While the U.S. dollar index is lower again this morning, a lack of fresh news is keeping buyers away. Recent rains are beneficial for U.S. wheat, although traders know that timely rains are needed throughout the establishment season given ongoing drought conditions.

Live cattle: Mixed. Futures are expected to be mixed today as traders reevaluate positions. Futures saw a boost yesterday from positive outside markets and expectations the boxed beef market was nearing a low. Choice values improved 21 cents yesterday but Select values slipped $1.23 on strong movement of 191 loads. Asking prices and bids are several dollars apart to start the week and this week's showlist is up slightly from last week.

Lean hogs: Steady to firmer. Futures are expected to find support from ongoing strength in the pork cutout market, as values improved 41 cents yesterday. But with packers' profit margins hovering above breakeven, the cash market is expected to be mostly steady today as they are having no difficulty securing supplies.